The bond required by COMAR 20.54.02.08 or Regulation .03 of this chapter shall be in the form required by the Commission. The bond required by Regulation .03 of this chapter shall at a minimum: Identify the Maryland Public Service Commission as the sole beneficiary; Be continuous and subject to cancellation only after 60 days notice to the Commission; Be in the amount determined under Regulation .03 of this chapter; Contain the following language or similar language acceptable to the Commission: “Payment under this bond shall be due in the event the Commission determines that the (gas supplier name) is financially insolvent or unable to meet their obligations as a licensed gas supplier in Maryland”; and Permit the Commission to direct that the proceeds of the bond be paid or disbursed.